Greece is building out its innovation economy

From supercomputers to satellites to startups, Greece is building out its innovation economy and boosting its position as an emerging technology hub for Southeast Europe and the Eastern Mediterranean.
In the last few weeks, Greece has launched a tender for the construction of a supercomputer east of Athens – the first for the country – and is moving ahead with its program to construct and launch a constellation of mini observation satellites. With European co-financing, the Greek government also announced a fresh €200 million fund to support innovative start-ups in life sciences, health and sustainability.

Once a digital laggard, the latest initiatives expand an ongoing, years-long transformation of the Greek economy. With its new focus on technology, innovation and sustainability, Greece has attracted billions of euros in foreign investments in hi-tech infrastructure, manufacturing, startups and R&D centers stretching across the country, from Crete to Epirus.

In calling for proposals, the Ministry of Digital Governance has noted that the new supercomputer ̶ to be built in Lavrion, east of Athens, with a budget of €41.9 million ̶ will help support Greece’s digital transformation. It will be one of the most powerful in Europe and able to accommodate high-performance computing applications with Artificial Intelligence, machine learning and big data analytics. It is expected to play a central role in enhancing public services, personalized medicine, fire protection and prevention, spatial planning, as well as supporting future programs in smart mobility and autonomous vehicles, among other things.

Earlier this month, Minister of Digital Governance Dimitris Papastergiou presided over the signing of a €60 million contract between the European Space Agency and UK-based satellite company Open Cosmos for seven mini satellites for Greece. The satellites, jointly funded by the Greek government and the European Union, will be launched in 2026 and will be built and operated in Greece. They represent the first step in a €200 million government program aimed at expanding Greece’s capacity in space and stimulating the country’s space industries.

Building on its previous efforts to support Greece’s startups, the government has announced the EquiFund II program to support innovative new companies operating in the health and life sciences sectors and those developing applications for sustainability. The new program, which operates as a “fund of funds”, will have an initial budget of €200 million drawn from EU and Greek government sources.